It’s that time of year again. Christmas time. Despite popular belief, this holiday season is the best home buying season.
An analysis from ATTOM Data Solutionscompiled from 23 million single family homes and condo sales over the past six years shows December as the best month to buy. During this month, buyers will stay pay about 1.2% premium above estimated market value.
This average is much more appealing than every other month, where premiums can be seen as high as 7.1% in June.
The data shows that only three days during the year, homes are sold at a discounted value. All of which fall in December.
The day after Christmas can be seen with an average discount of .3% over the expected asking price. Followed by December 4 and 31, both with discounts averaging of .1%.
“While lots of folks are shopping the day-after Christmas sales or getting ready to ring in the New Year, our data shows that buyers and investors are buying homes on those days at a discount,” said Todd Teta the chief product officer of ATTOM Data Solutions, “That’s a far cry from buying during June, when they are likely paying about a 7% premium.”
Despite these drastic jumps in premiums, housing prices remain between 197,500 – 198,000.
Further, the data can be broken down by averages among different states. Discounts in Ohio were 7.4% under market value in January; Delaware, with prices down 6.3% in February; Michigan, with prices down 7.2% in February; New Jersey, with prices down 5.8% in December; and Tennessee with prices down 6.2% in January.
“Closing on a home purchase the day after Christmas or on New Year’s Eve can be one of the most financially beneficial holiday-season gifts you can get,” Teta stated.
Clearly, Black Friday is not the best time to expect discounts when searching for your next home.
Buying a house is supposed to be a fun and exciting time. Unfortunately, because of all that excitement, we can be blindsided at times and purchase something that isn’t worth our money. Yes, some properties seem to just call to us, but if they have certain issues, you should still walk away. Let’s take a look at a few of these red flags.
Always look through the neighborhood. Are there many homes for sale and many boarded up shops? Make sure that you speak to some of the residents and ask about what the community is like. Look at the land as well. Foundations could be damaged by rain water if the yard slopes downwards to the property. If you notice any bad smells, there is generally something amiss. Look into whether there are pests. Ask community members of this, as everybody always knows when someone else has pests.
You are now ready to see whether the property was looked after properly. Check the property for maintenance as well. If it looks run down from the outside, it is likely that the inside isn’t in a much better condition either. Make sure to inspect the wiring. Real issues can only be identified by a qualified professional, but you can get a good idea yourself. Flickering lights and hot outlets are major red flags. Check whether it looks like some of the walls have been repainted recently, which could be a sign of them trying to hide something. Next, look closely at the windows. If there are signs of condensation or windows don’t open properly, it could be a sign of serious damage that will cost you a lot to repair.Naturally, never view a property that you are not allowed to see in full. Additionally, if you notice that any structural work has been done, such as the removal of walls or floors, you need to find out whether that work was done properly by a qualified architect.
The reality is that you are the only one who can decide whether or not to buy a property. Additionally, if you find that there are certain problems, you could use this as a negotiating point to drive the price down. You do have to ask yourself whether that bargain is worth the potential financial hassle you are putting yourself through. A home is a place where someone, either you or a tenant, will have to live and this means it does have to be an enjoyable property to seem extent. Naturally, you do also have to look at the property itself, but the importance of looking into the neighborhood cannot be denied either. In terms of the condition of the property, you can simply ask a property inspector to come and check it out, after all. This is different than a neighborhood inspection, which really requires a personal opinion and feel, something that only you can do and decide upon.
Comparing The Best Suggestions For Considering Selling a House
Many people have been investing in real estate so if you’re planning to sell your house, you must do it now. The only issue today is that it’s going to be very difficult to sell a house. You might have seen some articles stating that selling a house is extremely easy or there are ads that will say that they could help sell your house in just a few weeks. It will be quite easy to sell a house if you planning to bring the value down, but this won’t be an excellent suggestion. In the real estate industry, the supply fully outstrips the demand, but you could find techniques to make your property appealing. We are going to provide some guidelines to help you with this concern.
Begin with Curb Appeal
First impression lasts so your house should have a certain impact when a customer sees it for the first time. You may put yourself in the shoes of a customer and try to assess the curb appeal of your home.
Head out into the streets and take a look at your property to check out all of its weak points. Is it desirable enough to offer a good impression to a prospective customer or does it need maintenance that you’ve always been delaying?
The possible customer would see the exterior of your house the moment he goes out of his car and many of them always pay attention on how the new home would look like in the outside. You should get everything ready and repair everything.
Make Appropriate Upgrades
You will need to make the required upgrades outside and inside the house to attract the buyers. They always want a house that is already complete and they will not need to make any repairs.
In case you are the seller, make certain that you check everything that needs to be fixed and make upgrades. Nevertheless, you must never over improve the house because some improvements won’t make a big difference in the asking price of your home.
Upgrades can raise the value of your house and its chances to be sold, but you can’t make improvements that would not pay in the end. You need to do your research and only invest in things that could provide you the best roi.
Depersonalize Your home Before Viewing
Most individuals claim that adding a lot of design to your interior will make it more desirable to the buyers, but it is a big mistake since personal items, art works and collectibles won’t attract them. You could remove these items and leave out the essential furniture so your house will absolutely look larger. The main goal is to enable the buyers to picture themselves in the house.
They will start pointing at the various parts of your home while visualizing what they want to put in there if they are planning to buy it. It only implies that your personal items should be eliminated in the house because it’ll make it difficult for them to visualize.
Place a Competitive Value for The House
If you’re likely to sell a home in Utah, you should put a realistic price for the house. It you’ll actually place a lower price, it’s similar to leaving money on the table, but placing a high value is a not recommended either since the buyers will ignore it.
When it comes to home buying, most buyers will look at the houses which are similar to yours and compare the prices. If your home is too costly for them, they will just ignore your home.
Most of the buyers today are only counting on home financing so you could assume that they will not pick a house that is too costly. If you put a low price, you could sell the house very easily, but your investment won’t be returned to you.
Employ A Real Estate Agent
In case you are thinking that you could do the selling on your own, you’re making a big mistake. You do not have the experience and knowledge that a professional real estate agent have so it will not be a good suggestion to sell the house on your own.
If you’ll decide to do this on your own, it is feasible that you will not be able to sell your house or you’ll get a bad deal for this. You could actually get fortunate and find a great deal for your home, buy you can’t always count on luck with regards to this because we are talking about a lot of money.
It is best to employ an agent and let them deal with everything. You will need to pay them, but it’s always better than getting a bad deal for the house.
Prior to selling your house, you must think about all of these simple recommendations so you won’t make any mistakes. It is quite difficult to sell a property so you must know anything and everything about the real estate market.
Here are some things that sellers should never let slip to buyers, or the agents representing them. Keep a less is more attitude when it comes to talking with prospective buyers. Below are some things that agents have experienced with their sellers saying that are big no-nos.
“Our house is in perfect condition” In your eyes, your home isperfect—but don’t make claims that aren’t true. The home inspection may reveal otherwise, and, as a seller, you don’t want to wind up putting your foot in your mouth. Perfect condition doesn’t exist. Every house, whether it is brand new or a resale, has something that needs to be fixed, adjusted, replaced, or improved upon. Read this very useful article on Home Sellers Talking to Buyers is Not a Good Idea.
How long it’s been on the market
Never, ever discuss how long the home has been on the market with prospective buyers. This info is often listed and available on the home’s information sheet, but bringing it up…especially if the home has been available for eons…can send buyers the wrong message.
We’ve never had a problem with…
If you’re hoping to move quickly, you may be tempted to tell a few little white lies. Realtors agree that even the slightest white lies could come back to you with teeth. You’re setting yourself up for potential liability. You may not even be aware of the problem at first, but it could translate into an embarrassing moment upon inspection. So come clean with what you know and admit what you don’t.
Oh, we always wanted to fix that, but…
Nobody cares about good intentions. When sellers point out things they might change, this only alerts the buyer of more upcoming costs for them. Watch: Sell Your House Quickly.
We spent a ton of money on…”X”
Just because you love certain things you put into the home and spent a lot of money on, that doesn’t mean prospective buyers will be willing to shell out for it. The buyer doesn’t care whether you spent $10,000 or $100,000 on your kitchen. They are only going to offer what they feel the home is worth in relation to area comparable sales. Don’t sound trying too hard to justify your price.
I’m not taking less than “X” amount for my home
When it comes time to sell, it makes sense that you want top dollar. We get it! But at the same time, it’s important to be realistic and open to offers within a reasonable range. If you send a message that you are inflexible or not open to negotiating, it may not invite buyers to even try to work out acceptable price and terms as they will feel defeated from the start.
Try to resist overpricing your home; of course you want to get the most you can for your home. Most sellers aren’t just trying to “break even” on what they paid for it. You’ve got to learn to look at your home objectively, though, and price it due to the value. If the home is overpriced from the get go, it will likely sit on the market for quite a while.
The truth is that buyers will notice the home has been sitting on the market for a while without selling, assume there is something wrong with it and cross it off their list. On the other hand, pricing at, or slightly below market value will generate vital attention from buyers during the first couple of weeks after listing, which is usually when sellers see the most activity.
Make sure you and your agent are on the same page regarding list price and marketing strategies. You and your agent should be in agreement on the price the home will be listed at, so if the range she/he suggests doesn’t match the one in your head, don’t be hesitate about asking for an explanation. As important, of course, is how she/he will promote your home. Figure out if professional pictures will be taken, what places the ads will be placed and if your agent will hold open houses and advice other agents to bring in some buyers. Asking the right questions will not tell you the resources the agent is willing to use, it will also give you an idea on how they work and how excited/committed they are about your home.
On top of the scheduled open houses, there will be (If the house was price right) frequent calls from agents who want to show your home to prospective buyers, frequently on short notice. And every single time, your place has to be looking its best. For you this means that, until you sell your home, you are responsible for keeping it spotless 24/7. No leaving mail out or your dry cleaning out. You have to think about all those little things and fix them when you come home. You must be ready to up and leave at a moments notice if a buyer is coming to view the house.
Even if you think your house is perfect and it has been good enough for you all these years, buyers may think otherwise. Perhaps they didn’t like the paint color in the master bedroom or the tile in the kitchen. Maybe they are not crazy about having only two full bathrooms.
Of course, you want to unload your house as quickly as possible, but the solemn truth is that most of the time, its difficult to sell a home quickly. It may take a while before any offers come in at all. And then, there’s the closing. If the buyer is getting a mortgage, it will take at least another month.
If you have a pet, you will have to take extra steps to ensure it doesn’t go in and out during showings. That means telling every agent who will show the house that you have a pet that they have to watch while they’re trying to do their job. See: Property Viewing Etiquette (Do’s and Dont’s).
Before thinking on putting your house on the market, take a moment to walk the home and try to see it through a possible buyer’s eyes. Likely, you will need to paint over any bold wall colors, clean of the entire house, de-clutter and de-personalize, and make any necessary improvements that could upgrade curb appeal and ultimately affect the asking price.
Top Tips for choosing the perfect real estate agent
There are things you can do to pull back the curtain and accurately assess a real estate agent’s past performance and potential success with your home, even though when it comes to choosing real estate agents. So whether you’re the buyer or the seller, here are seven ways you can find out more about your agent before you hire. Read on: 8 Signs You Have a Bad Real Estate Agent. Ask these four important questions:
See if the agent will provide a list of what they’ve listed and sold in the past year, then ask them the following questions. If the agent will give you the sellers’ contact information, call them and ask them these questions too, along with asking them if any issues arose, what they were, and how the agent handled them.
* what were the asking prices?
* what were they sold for?
* how long were the homes were on the market?
Check with the state, and make sure the realtor is licensed and if there have been any complaints filed against them. Sometimes, you can find this information online. It is always a good idea to check for reviews, when available. If they are a good realtor, and active in the business, it should be easy to find reviews on them. How to: Find a Realtor in Your Area.
Peer given awards
These really do count, because what it means is that their peers have endorsed them. This means multiple people have voted them a great realtor.
Just as doctors specialize, so do real estate agents. Here’s what some of the designations mean:
• CRS (Certified Residential Specialist): Completed additional training in handling residential real estate.
• ABR (Accredited Buyer’s Representative): Completed additional education in representing buyers in a transaction.
• SRES (Seniors Real Estate Specialist): Aimed around helping buyers and sellers in the 50-plus age range.
How long have they been in business?
If they’ve only been in business for a few short years, they’re still learning. If you don’t need your house sold too quickly, you may be happy to help them learn. However, if you’re serious about selling your home fast and for top dollar, you might want to go with someone more experienced. See: Verify Your Real Estate Agent’s Credentials.
Check out their active and past listings
Check out an agent’s listings online. Most buyers start their search on the Internet, and you want an agent who uses that tool effectively. If you see that their listings have few or poor photos, little to no descriptions, and inaccurate information, find a different realtor. They should also have enough listings to indicate a healthy business.
Ask about the area
A good agent should know about other area properties that are available. If the agent knows the property and can give you a few details, that means he or she really knows your area. You should chose a realtor who is knowledgeable in the market and on top of their game.